Provides gross income tax deduction for amounts paid to taxpayers for sale of certain real property interests for conservation purposes.

This bill allows New Jersey property owners to deduct the capital gain from selling land to qualified conservation organizations on their state gross income tax return. It applies to both full-market-value sales and "bargain sales" (where land is sold below market value but with conservation restrictions). The deduction equals the gain calculated under federal tax rules, covering sales to groups like Green Acres, farmland preservation programs, or wildlife conservation initiatives. This directly benefits landowners who sell environmentally valuable property to these conservation entities.